Country: Unknown
Year: 2011

Concept

  • Litecoin is a cryptocurrency that is generated by mining. It enables instant, near to zero cost payments to anyone in the world.
  • It was created with the motivation to improve what is built upon bitcoin.
  • The main difference between Litecoin and Bitcoin is by having a decreased block generation time, increased maximum number of coins and a different hazing algorithm used.

Consumer Benefits

  • Consumers benefit from its faster transaction confirmation times and the Litecoin blockchain is capable of handling higher transaction volume than its counterpart – Bitcoin.
  • It has improved storage efficiency than the leading math-based currency
  • Litecoin is a proven medium of commerce, complementary to Bitcoin.

How To Use

  • The main reason why Litecoin has value is because it is very useful and scarce. It is useful because it can be sent anywhere in the world instantly for very low fees.
  • Key difference between Litecoin and Bitcoin is that the generation of a block for the users have decreased from 10minutes to 2.5minutes.
  • Litecoin uses scrypt in its proof-of-work algorithm, a sequential memory-hard function requiring asymptotically more memory than an algorithm which is not memory-hard.

Illustration

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